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Here's Why Needham Remains Bullish On ChargePoint

·1 min read
  • Needham analyst Vikram Bagri maintained a Buy rating on the shares of ChargePoint Holdings Inc (NYSE: CHPT) with a price target of $24.00.

  • ChargePoint's Q2 revenue exceeded Street estimates. The company's bottom-line was impacted due to higher costs associated with supply chain and logistics.

  • The company maintained gross margin guidance of 22-26%, implying substantial gross margin expansion for the balance of the year.

  • Bagri thinks the momentum in return-to-work policies should drive recovery in the commercial segment.

  • Reaffirmation of FY23 guidance, the analyst said, is further evidence of the company's product leadership, strong management, solid demand, and its tie with EV growth.

  • Bagri concluded by saying ChargePoint, unlike its peers, is well positioned to achieve its long-term revenue targets.

  • Price Action: CHPT shares are trading higher by 15.25% at $16.70 on the last check Wednesday.

  • Photo Via Company

Latest Ratings for CHPT

Date

Firm

Action

From

To

Mar 2022

Jefferies

Maintains

Buy

Mar 2022

Citigroup

Maintains

Neutral

Feb 2022

Needham

Maintains

Buy

View More Analyst Ratings for CHPT

View the Latest Analyst Ratings

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